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Market Report

Monday, 02-Jan-2017

NSE

  • The S&P Sensex of the Bombay Stock Exchange opened at 26,711 against the previous close of 26,626 before closing at 26,595.45 today, down 31.01 points, or -0.12 per cent. The 30-share index hit an intraday high of 26,720 and a low of 26,447. The broader Nifty50 of National Stock Exchange closed flat at 8,179.50 today, down 6.30 points, or -0.08 per cent.

  • It was a volatile day for the Nifty50, which swung 80 points in trade on the first trading day of calendar 2017. Benchmark indices settled the day lower as banking stocks fell on worries their profitability would be hit after most banks reduced lending rates. Sentiment was also hit after data showed the factory activity fell below the crucial 50 threshold for the first time in 2016.

  • The Nifty50 ended marginally lower from its previous close today and formed a 'Hanging Man' type of pattern on the daily candlestick charts. The index corrected after hitting its resistance level of 8,200. A Hanging Man is a bearish reversal candlestick pattern that gets formed at the end of an uptrend. Most momentum oscillators on the short-term charts are in the extremely overbought territory and a mild correction could set in. Traders should consider booking profits around Nifty50 key resistance level of 8,200. On the downside, if the Nifty50 fails to hold 8,100 level on a closing basis, then the correction in near term may get accelerated, experts said.

NIFTY 3-Month

(Data/Charts courtesy NSEI/Yahoo!/iCharts/The Economic Times)